Nature and purpose of economic sanctions

Abstract

Introduction. The nature of economic sanctions is relevant for analysis due to the need for a proper approach to the sanctions policy, its goals and objectives, as well as the assessment of its efficiency. Purpose. The author aims at revealing the nature of economic sanctions by analyzing their key function. At the same time, the author focuses his attention on the evolution of this function in the development of world economic relations. Materials and Methods. The epistolary heritage of national and foreign scientists devoted to the problems of sanctions and sanctions policy was used as a theoretical basis of the study. The analysis of the works shows the interpretation of these categories in terms of their key function pursued in their implementation. The fundamental methodological basis of the study includes the historical and genetic method of analysis which identifies their properties and traces their evolution, as well as the typological method which organizes and classifies the existence modes of the analyzed phenomenon. Results. The author comes to the conclusion that the nature of sanctions and their content evolved with the world economy. Initially used as a tool to limit and undermine the economic potential of rivals, they are globally transformed into a way to minimize the costs of the world community on maintaining the existing political and economic order that ensures the efficient functioning of international trade. Conclusions. The analysis shows that international economic sanctions are a peaceful means that is used to prevent behavior that violates international law and creates threats to peace and security. Keywords: economic sanctions, sanctions policy, goals of sanctions policy, international economic order